"Mortgage Secrets Revealed: Which of These 3 Loan Programs Is Right For You?"VA, FHA, and Conventional Loan Programs Explained #valoan #fhaloan #conventionalloan #militaryloans
Are you a veteran, current military member, or just looking for a new home? Check out our government loan programs - VA loan, FHA loan, and the conventional loan. With low down payments and flexible qualifications on an FHA loan, you can be sure to find the right program for you.
What type of loan programs are out there? So we have a couple different government programs. Your standard government program is a VA loan for our veterans or current military. We have an FHA loan who requires only a 3.5% down payment and are not as stringent when it comes to qualification purposes. And you have a conventional loan. A conventional loan is typically for somebody who's going to put a larger down payment down. Keep in mind, any time you put less than 20% down, you typically have mortgage insurance unless you're getting a VA loan. VA loans do not have mortgage insurance. So you want to shoot for at least 20% down if you can swing it to purchase the house. Otherwise, you're paying a premium, we'll call it, to use the bank's money to finance more than 80% of the property. Reach out to us if you want a couple lender referrals. We'd be happy to give you people we've been using for years.